Feb 28, 2024 | Banks & Credit Unions, News
Americans Spent Roughly $25 Billion in Credit Card Interest Last Year A recent analysis by the Consumer Financial Protection Bureau (CFPB) found that the average annual percentage rate (APR) on credit cards almost doubled in 2023 to 22.8 percent from 12.9 percent in...
Feb 22, 2024 | Financial Literacy, FinTech, News
Americans With Lower Credit Scores Use BNPL More Often New research from the Federal Reserve Bank of New York found that Americans already facing financial hardship are more frequent and intensive users of “buy now, pay later” (BNPL) offerings, with the majority of...
Feb 20, 2024 | Financial Literacy, News
New York Cracks Down on Credit Card Surcharges Earlier this month, a New York state law went into effect that mandates merchants provide more transparency surrounding credit card fees. It limits credit card surcharges to the amount charged to the business by the...
Feb 14, 2024 | Federal Regulation, News
Chamber of Commerce, Industry Groups Warn FTC that Junk Fee Ban Faces Likely Legal Challenge The U.S. Chamber of Commerce and other industry groups recently warned the Federal Trade Commission (FTC) that its push to ban junk fees will likely face a legal challenge,...
Feb 8, 2024 | Congressional Legislation, Federal Regulation, News
Republican Reps Say FDIC has “Moved Innovation Backwards” Representatives Patrick McHenry, chairman of the House Financial Services Committee; Andy Barr, chairman of the Financial Institutions and Monetary Policy Subcommittee; and French Hill, chairman of the Digital...
Feb 6, 2024 | Financial Literacy, News
Bankrate Report Finds Only 44% of Adults in US Would Pay $1000 Emergency Expense from Savings Bankrate’s annual emergency savings report found that only 44 percent of U.S. adults say they would pay a minimum $1,000 emergency expense from their savings, which is up one...
Jan 31, 2024 | Federal Regulation, News
CFPB Proposes Rule Limiting Banks’ Ability to Charge NSF Fees on Instantaneously-Declined Transactions The Consumer Financial Protection Bureau (CFPB) recently proposed a new rule to prevent banks and financial institutions from charging non-sufficient funds (NSF)...
Jan 25, 2024 | Federal Regulation, Litigation, News
Supreme Court Signals It Will Claw Back Federal Agency Power Last week, the Supreme Court signaled that it will likely cut back the regulatory power of federal agencies when several justices indicated during a pair of arguments they were ready to overrule a legal...
Jan 23, 2024 | Federal Regulation, News
CFPB Proposes Rule to Crack Down on Overdraft Fees Last week, the Consumer Financial Protection Bureau (CFPB) proposed a rule to rein in excessive overdraft fees that would close a loophole exempting overdraft lending services from provisions of the Truth in Lending...
Jan 17, 2024 | Congressional Legislation, FinTech, News
House Financial Services Committee Announces Bipartisan AI Working Group Last week, House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C) and Ranking Member Maxine Waters (D-Calif.) announced the formation of the Committee’s bipartisan Working...
